Forexearlywarning has an accurate currency strength meter with live, real time signals that requires no programming by the end user, and the strength readings are very easy to interpret. It is called The Forex Heatmap®. It detects strong and weak individual currencies in real time, and it has several built in alert systems for 8 currencies and 28 pairs.
What Is A Currency Strength Meter
A currency strength meter is a live, real time tool that tells the end user trader what currencies are strong, weak, or neutral in real time. So if the USD is strong or the JPY is weak, for example, the meter will show accurate, live readings reflecting this. The readings must be accurate and point the trader to a specific pair for possible or probable trade entry. The currency strength meter should be effective in the main trading session, but also give probable trade entry signals at other times during the day like during the Asian trading session.
The Forex Heatmap® forex heatmap is an example of a real time currency strength meter with second by second updates. It is a server/web based meter so the end user trader does not have to have any programming skills at all to use it. The heatmap displays on a web page or any browser, tablet, or mobile phone. This currency strength meter is not an app, it is web based, but works fine on Android and IOS mobile operating systems, like an IPhone or Ipad. The readings on this meter are accurate to 0.01% of the price movement, very high precision.
Currency Strength Meter, Easy To Interpret
Here is a screenshot of one of the 8 currencies in our currency strength meter, The Forex Heatmap®. This is the Australian Dollar (AUD) pairs. The meter shown is for the main trading session, we also have one for the Asian trading session for each currency. Clearly, the AUD has consistent weakness across all 7 pairs on the meter. This meter also specified the EUR/AUD as one of the the primary pairs to trade, since there was slight EUR strength also in the market.
Most forex trading signals are difficult to interpret, but with The Forex Heatmap®, even beginner forex traders can interpret how to buy and sell 28 pairs in real time. This consistent AUD weakness and EUR/AUD buy signal caused strong movement on this pair. Movements of 1% or more on any pair is a large movement, up to 100 pips on pairs like the EUR/AUD. Movement cycles of over 200 pips in one trading session are possible on many pairs out of the 28 listed on the meter.
The meter looks the same for the other 7 currencies, with seven pairs per individual currency grouping. Our currency strength meter/indicator works for 8 different currencies and a total of 28 currency pairs: USD, CAD, EUR, GBP, CHF, JPY, AUD and NZD pair combinations can all be traded with this meter.They currency groups are all stacked on top of each other so you can see all 8 currencies and 28 pairs on one screen. Basing the heatmap on the forex trading sessions and best times to trade the forex market is another big advantage. In the example above, the AUD weakness started in the main session and the movement progressed in the most liquid part of the forex trading day. This occurs often with all 8 currencies, almost every day in the main trading session.
Another Currency Strength Meter Example Signal
Here is another example currency strength meter signal, and this time you can see how the pairs moved also. The GBP was consolidating, then started to drop in the main trading session. The other currencies were neutral on the meter, so every single GBP pair had nice movements based on GBP weakness. The GBP pairs are volatile. The GBP/AUD sell off was about over 200 pips in less than 8 hours, and all 7 GBP pairs combines movement was over 1000 pips.
This is the kind of results traders are looking for. Easy to read signals and lots of pips on the more volatile pairs, and 28 pairs total.
Combine This Currency Strength Meter With Alert Systems
The Forex Heatmap® forex heatmap currency strength meter can be combined with several professional alert systems, so you never miss a trade. This currency strength meter has 3 built in alert systems including push alerts to your mobile device that are based on the readings from the heatmap meter. The alert systems notify the end user when the heatmap meter signals are consistent in one direction for trading. The alert systems are also in real time and server based.
In the example below if you see an alert that says NZD strength (7), it means that all of the NZD pairs are moving based on NZD strength, and the strength is consistent across all 7 pairs. In this case you would check the heatmap meter to see what pair was best to buy or sell, along with the trends and time frames. For example, if the NZD/USD is trending up with no resistance nearby, that would be an excellent choice for a buy.
Traders can learn more about all of our professional suite of alert systems including our desktop scanner and mobile app to keep you notified of when the market is moving consistently across one currency.
The Forex Heatmap® currency strength meter also has a second heatmap that functions as a fully redundant backup system. In case the heatmap has an outage, traders can switch to the backup system for seamless trading signals.
Combine The Currency Strength Meter With Trading System Components
This accurate, live, high precision currency strength meter will provide traders with better trade entries. Traders will likely increase their trading accuracy and pip totals. But if you use the meter to enter a trade on a pair that is trending, you now have a chance to hold on to the trade until the trend is over. Using the meter as part of a complete, trend based trading system is the best approach. If a trader analyzes the market carefully with multiple time frame analysis, they will know if any trade entry is an intraday trade (day trade), swing trade or position/trend trade. If you set up our free forex trend indicators for monitoring market trends , then you can categorize your trades by trading style.
When you enter a trade on a pair that is not trending, the heatmap currency strength meter can still give you a profitable entry, but since the pair is not trending it may only be a short term intraday trade or daytrade. By contrast some trade entries might be on pairs in strong trends or possibly on new or developing trends.
Currency Strength Meter Conclusions
We believe that all forex traders should use aa accurate, real time currency strength meter on all of their trade entries. We believe that The Forex Heatmap® is the best currency strength meter available to retail traders, with the most advanced features. Also, the signals are easy to interpret, even for beginner forex traders. When a trader uses a currency strength meter as part of complete, trend based trading system, then it unlocks the full profit potential of 8 currencies and 28 pairs.